The United States Agency for International Development (USAID) said the local e-payments ecosystem is poised for continued growth and innovation as the economy expands and as local regulations mature and get better.
USAID e-Peso Chief of Party John Owens said the Philippines is among the growing list of countries updating their retail payment laws and regulations to manage new players and technologies in the space of e-payments and financial inclusion.
E-Peso is a USAID program aimed at advancing financial inclusion by facilitating the rapid adoption of electronic payments use and development of an electronic payments ecosystem in the country.
Owens lauded the Bangko Sentral ng Pilipinas (BSP) for leading the development of the National Retail Payments System (NRPS), which is essentially a framework that allows Filipinos to access the various financial services available in the country with ease, such as making payments, send, receive or transfer funds anytime and anywhere for a reasonable price and from any digital device.
“Changes in national retail payment policies will have an impact on the opening of markets to new financial players, as well as new rules governing the supervision and oversight of payment systems,” he said at the recently concluded Asia Pacific Financial Inclusion Summit.
He sees the country expanding the e-payment infrastructure and promoting interoperability across e-payment instruments, mechanisms and channels. This will ensure security, consumer financial literacy and consumer protection.
He also sees a growing digital financial service in the country particularly, in money transfers.
Owen noted a competitive growth of remittance providers in the Philippines.
“A renewed interest in lowering the cost of remittances driven by numerous policy-makers and governments globally continues to grow the competitive landscape of alternative digital financial services and remittance options,” Owens said.
Also, Imelda Nicolas, chairman of the Commission on Filipinos Overseas, said many Filipinos abroad use the Peso Sense mobile application, which allows for hassle-free online payment. The mobile app also assists in discovering the mobile entrepreneurial potentials of overseas Filipinos and their beneficiaries. “It allows overseas Filipinos to track, record and monitor the remittances they send back to the families in the Philippines,” she said.
Philippines has the biggest number of mobile app downloads with 39.9 percent; followed by Saudi Arabia, 19.87 percent; United Arab Emirates, 10.26 percent; while Qatar and Singapore had 6.05 percent and 4.47 percent, respectively.
-- Business Mirror
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